The Egyptian Exchange’s (EGX) Listing Committee, at its meeting on September 3, decided to impose a financial penalty of EGP 5,000 on Maridive and Oil Services Company (MOIL), to be paid within 15 days from the date the company is notified of the decision.
Articles 46 and 47 of the EGX listing and delisting rules require companies to prepare and submit to EGX their standalone and consolidated quarterly financial statements for the period ending June 30, 2025.
The company’s status will be re-evaluated by the Listing Committee if it fails to comply by the end of the granted period for violating the provisions of Article 46 of the listing and delisting rules for securities, stipulating that companies must provide the EGX with a copy of the annual financial statements issued by the company’s board of directors, accompanied by the board’s report and the auditor’s report, provided this is done before the start of the trading session on the date noted in the auditor’s report. The annual financial statements shall be prepared and approved by the company’s general assembly within a period not exceeding three months from the end of the fiscal year. The annual financial statements shall be accompanied by the annual report of the board of directors. Companies should further provide a copy of the quarterly (interim) financial statements issued by the company’s board of directors, accompanied by the limited review report, provided this is done before the start of the trading session following the date noted in the auditor’s report.
The Listing Committee further decided to impose a financial penalty of EGP 10,000 on Alexandria Mineral Oils Company (AMOC), to be paid within 15 days from the date the company is notified of the Listing Committee’s decision. The company’s status will also be re-evaluated by the Committee if it fails to comply by the end of the granted period, due to the company’s non-compliance with Article 38 of the listing and delisting rules for securities, which stipulates that without prejudice to the provisions of the Capital Market Law and its executive regulations, a company with securities listed on the Egyptian Exchange must notify the Exchange of its internal procedures that prohibit any of its insiders from trading. This includes members of the board of directors, company officials, and individuals who can access non-public information, regardless of their ownership percentage, as well as major shareholders who own 20% or more of the company’s capital, either individually or through related parties. This must be done within the five business days preceding and the one business day following the publication of any material information.
AMOC is an Egypt-based company that operates in the petroleum industry. It specializes in the production of essential mineral oils, paraffin wax and its derivatives, naphtha and butane. It also distributes and markets them in Egypt and abroad.
Maridive was established in 1978 in Port Said as a Free Zone Joint Stock company. Maridive has expanded over the years together with its subsidiaries Maridive Offshore Projects, and Maritide and now has a reputation for excellence and efficiency in the offshore oil and gas services fields.
